30% fall in property if no deal brexit

lisyloo

Thrugelmir wrote: »

People do appear to have spent money on property to make their dream homes that will never be recovered.

I’m not sure of the context of your comment.
If people have spent money they can afford to enhance their lives then that is surely perfectly ok.
If they have spent money expecting a good return then that may not be sensible.
Additions like extra bathrooms, extensions do usually add value to a property, just not necessarily 100% to a new buyer.

What’s the issue with spending money that will never be recovered if you can afford it and it enhances your life?

lisyloo

Herzlos wrote: »

We've seen that here too. Some properties are gone within the week (and we've missed some), whilst others are there for months. Usually the ones that have been heavily modified or in need of work.

Is this not normally the case?
There will be those sellers who are motivated and sensible with a good property which will likely be snapped up quickly and then a bunch of kite flyers, unrealistic or less desirable properties.

I though properties in need of work were sought after.

Sailtheworld

Thrugelmir wrote: »

People do appear to have spent money on property to make their dream homes that will never be recovered.

Can you imagine how much of a loser someone must be to end up with a dream home but no profit?

I can't imagine the grimness of life if your dreams have to be measured in return on investment.

Herzlos

I definitely can't understand it either. Our upgrade work added far less to the value of our house than we spent, but we're happy with it. It must be miserable living to a balance sheet.

DannyGold

Sailtheworld wrote: »

Can you imagine how much of a loser someone must be to end up with a dream home but no profit?

I can't imagine the grimness of life if your dreams have to be measured in return on investment.

Can you imagine the misery if somebody put so much time and effort into a dream home only to see the values crash, and now somebody could get an even better dream home for far less?

Herzlos

DannyGold wrote: »

Can you imagine the misery if somebody put so much time and effort into a dream home only to see the values crash, and now somebody could get an even better dream home for far less?

Why would you care? You'd still have your dream home and be content with life.
Comparing yourself to others is just going to result in misery.


Some of my neighbours have more expensive homes than I do, but I prefer mine because it's mine.

lisyloo

DannyGold wrote: »

Can you imagine the misery if somebody put so much time and effort into a dream home only to see the values crash, and now somebody could get an even better dream home for far less?

I can’t imagine the misery of having a spreadsheet as my life’s ambition rather than a happy family.

BTW - the vast majority don’t have to sell when there’s a crash.

Sailtheworld

DannyGold wrote: »

Can you imagine the misery if somebody put so much time and effort into a dream home only to see the values crash, and now somebody could get an even better dream home for far less?

I think most people in possession of their dream home wouldn't really use the word 'misery' to describe the experience.

Anyone that would be miserable if they purchased a house that fell in value should really stick to renting.

DannyGold

Sailtheworld wrote: »

Anyone that would be miserable if they purchased a house that fell in value should really stick to renting.

Let’s hope the majority of people won’t be miserable then, because property prices are falling

lisyloo

DannyGold wrote: »

Let’s hope the majority of people won’t be miserable then, because property prices are falling

Most of us won’t be miserable especially those of us who have nice homes to live in.
Most of us have equity and have seen house price appreciation.
Most of us will be better of financially having bought than rented and almost certainly be living in nicer accommodation with more security and personalisation.

Of course there are a few who might be unhappy and sometimes circumstances change e,.g. Divorce. These are the risks they should have understood when buying. Mostly it works out but it’s not a risk free proposition.

I’m glad you hope most people won’t be unhappy.